Article by
Barbados Today

Published on
June 17, 2015

The Barbados Investors and Policyholders Alliance (BIPA) says it has never been informed or consulted about any agreement for restructuring the financially-beleaguered CLICO International Life Insurance Limited.

BIPA chairperson June Fowler made this position clear today in response to comments related to a new Government plan for CLICO that were made by Minister of Finance Chris Sinckler as he presented the Financial Statement and Budgetary Proposals in the House of Assembly last evening.

BIPA president June Fowler

He said:“All stakeholders in the matter . . . have held several meetings in recent times to produce the updated financials for the CLICO resolution and to attempt to finalize the implementation details of the proposed resolution.”

Fowler contended, however, that Sinckler was “either unaware or had no interest in hearing from, or including, by far the most important and substantial stakeholders, the CLICO policyholders, which the High Court recently appointed BIPA to represent”.

“BIPA has not once in its four year history had the courtesy of an invitation to meet with the Minister to hear the point-of-view of the policyholders,” Fowler added.

Fowler said BIPA had “a number of reservations it intends to air in court, based on the snail’s pace of the Government’s involvement to date, and a number of inconsistencies, errors and unanswered questions in its proposal” related to the future of CLICO.

She noted that BIPA’s priority was to ensure that policyholders and their savings and investments are protected and that most of all, having been left in limbo for six years, that they were not disadvantaged in any restructuring plan.

The BIPA chairperson said her organization was committed to representing the best interests of the policyholders in court, and would take whatever course of action was necessary to ensure a guaranteed, timely and positive outcome.

“It seems to be the case that every time the Minister of Finance speaks of the CLICO fiasco, the Barbados Investors and Policyholders Alliance find his statements wanting,” Fowler said.